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Dividing LLC Income
Ben Bowman and Savannah Mapes formed a limited liability company with an operating agreement that provided a salary allowance of $89,000 and $71,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances.
a. Determine the division of $226,000 net income for the year.
Parent Company A owns both Company B and Company C. Company B sells $3,000 of inventory for a price of $10,000 to Company C in December. However, Company C does not pay until January. What are the entries in December and January for Parent Company A,..
Which of the following would be shown as a negative number in the Operating section of the SCF under the indirect method?
In 2014, its first year of operations, Kimble Corp. has a $770,000 net operating loss when the tax rate is 35%. In 2015, Kimble has $320,000 taxable income and the tax rate remains 35%.
Gina has planned to start college education in 4 years from now. To pay for her college education, she has decided to save $1000 a quarter for the next 4 years in a bank account paying 12% interest (Compounded Quarterly). How much will she have at th..
analysis of financial statements in terms of ratios whether positive or negative.the accounts receivable turnover ratio
A share of stock is now selling for $135. It will pay a dividend of $5 per share at the end of the year. Its beta is 1. What do investors expect the stock to sell for at the end of the year? Assume the risk-free rate is 5% and the expected rate of re..
A company’s data is presented below. Desired ending inventory is a consistent percentage of the next quarter’s sales and the previous year's 4th quarter ending inventory of 560 units meets this requirement.Compute the expected production in the ne..
Smith company had an unfavorable total direct labor variance. In this case it would NOT be possible for the direct labor price and usage variances, respectively, to be
What guidance does the Generally Accepted Accounting Principles, ethics, reputation and legal liability provide in the preparation of financial statements for external users?
multiple choice questions on fundamentals of accounting.1.the primary accounting standard-setting body in the united
mr. ali wants to start rent-a-car business. he wants to start this business with at least 20 cars. he estimates that
the dempere imports companys eps in 2011 was 3.00 and in 2006 it was 1.80. the companys payout ratio is 30 percent
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